One way to describe trading last week is this: one lucky trade among many crappy ones.
Last week, I won only one trade, which was a long off USDCAD at 1.000. It was lucky in my opinion, because I only won because of a dovish BOC statement. Aside from that, everything else didn't work out for me. I lost about 5 other trades, with 3 of them being CAD short trades.
Looking back, it was a tough week for me, and I tried sticking with bounces off hard levels and past support| resistance levels. I took some Fib plays, especially on CAD pairs, as I thought CAD weakness would continue throughout the week. Still, I feel that these were solid setups, and I shouldn't refrain from taking them.
The ones that bothered me was that I didn't play those ranges on EURJPY and GBPJPY. I like playing ranges because they normally provide good opportunities to go for high probability trades. However, this week, I kept waiting for the breaks of consolidation, and they never happened, until I was asleep and missed out. I think one strategy that I should practice is going with stop-and-reverse setups. By this, I mean taking a trade, then taking the opposite once I get stopped out. I think this will work for range plays, and keep me more engaged in the markets.
I think the major factor keeping me back from taking those kind of setups is that I lack the confidence to take them. It does make sense, since once you're wrong, you should just take the opposite direction.. but I think it's a psychological barrier that I have to find a way around. Perhaps I can try with smaller units first on it.
Aside from that, I'm just glad I didn't experience any huge losses last week. I hope I can bounce back this week and keep any gains before giving them up. Good luck to the rest of you and happy halloween.
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